COBRA: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
COBRA
Largest movements
- Receivables within one year -€196,783
down €196,783 (-97.2%), from €202,550 to €5,767
of which Other amounts receivable: -€185,677
- Cash +€45,563
up €45,563 (+53.8%), from €84,630 to €130,193
mainly Receivables within one year (+€196,783) and Depreciation (+€52,127)
- Tangible fixed assets +€21,490
up €21,490 (+2.4%), from €888,663 to €910,153
of which Other tangible fixed assets: +€20,240
- Deferred charges and accrued income +€17,986
up €17,986 (+605.0%), from €2,973 to €20,959
- Other debts -€50,673
down €50,673 (-7.9%), from €642,082 to €591,409
- Debts after one year -€39,630
down €39,630 (-28.2%), from €140,566 to €100,936
- Gross operating margin -€321,892
down €321,892 (-81.5%), from €394,801 to €72,909
- Depreciation -€7,115
down €7,115 (-12.0%), from €59,242 to €52,127
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,180,416 | €1,068,672 | -€111,744 | -9.5% |
| Fixed assets | 21/28 | €890,263 | €911,753 | +€21,490 | +2.4% |
| Tangible fixed assets | 22/27 | €888,663 | €910,153 | +€21,490 | +2.4% |
| Land and buildings | 22 | €845,416 | €832,173 | -€13,243 | -1.6% |
| Plant, machinery and equipment | 23 | €9,381 | €28,240 | +€18,859 | +201.0% |
| Furniture and vehicles | 24 | €10,599 | €6,233 | -€4,366 | -41.2% |
| Other tangible fixed assets | 26 | €23,267 | €43,507 | +€20,240 | +87.0% |
| Financial fixed assets | 28 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €290,153 | €156,919 | -€133,234 | -45.9% |
| Amounts receivable within one year | 40/41 | €202,550 | €5,767 | -€196,783 | -97.2% |
| Trade receivables | 40 | €11,725 | €619 | -€11,106 | -94.7% |
| Other amounts receivable | 41 | €190,825 | €5,148 | -€185,677 | -97.3% |
| Cash at bank and in hand | 54/58 | €84,630 | €130,193 | +€45,563 | +53.8% |
| Deferred charges and accrued income | 490/1 | €2,973 | €20,959 | +€17,986 | +605.0% |
| Total equity and liabilities | 10/49 | €1,180,416 | €1,068,672 | -€111,744 | -9.5% |
| Equity | 10/15 | €278,526 | €268,726 | -€9,800 | -3.5% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €271,687 | €261,815 | -€9,872 | -3.6% |
| Tax-exempt reserves | 132 | €214,487 | €204,615 | -€9,872 | -4.6% |
| Distributable reserves | 133 | €57,200 | €57,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €642 | €714 | +€72 | +11.2% |
| Provisions and deferred taxes | 16 | €71,495 | €68,205 | -€3,290 | -4.6% |
| Deferred taxes | 168 | €71,495 | €68,205 | -€3,290 | -4.6% |
| Amounts payable | 17/49 | €830,395 | €731,741 | -€98,654 | -11.9% |
| Amounts payable after more than one year | 17 | €140,566 | €100,936 | -€39,630 | -28.2% |
| Financial debts | 170/4 | €140,566 | €100,936 | -€39,630 | -28.2% |
| Amounts payable within one year | 42/48 | €689,829 | €630,505 | -€59,324 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €27,518 | €17,683 | -€9,835 | -35.7% |
| Trade debts | 44 | €9,400 | €15,033 | +€5,633 | +59.9% |
| Suppliers | 440/4 | €9,400 | €15,033 | +€5,633 | +59.9% |
| Taxes, remuneration and social security | 45 | €10,829 | €6,380 | -€4,449 | -41.1% |
| Taxes | 450/3 | €10,829 | €6,380 | -€4,449 | -41.1% |
| Other amounts payable | 47/48 | €642,082 | €591,409 | -€50,673 | -7.9% |
| Accrued charges and deferred income | 492/3 | - | €300 | +€300 | |
| Non-recurring operating income | 76A | €4,607 | - | -€4,607 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,242 | €52,127 | -€7,115 | -12.0% |
| Other operating charges | 640/8 | €23,954 | €24,238 | +€284 | +1.2% |
| Gross operating margin | 9900 | €394,801 | €72,909 | -€321,892 | -81.5% |
| Operating profit (loss) | 9901 | €311,605 | -€3,456 | -€315,061 | |
| Financial income | 75/76B | €25 | €201 | +€176 | +704.0% |
| Recurring financial income | 75 | €25 | €201 | +€176 | +704.0% |
| Financial charges | 65/66B | €11,894 | €8,159 | -€3,735 | -31.4% |
| Recurring financial charges | 65 | €11,894 | €8,159 | -€3,735 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €299,736 | -€11,414 | -€311,150 | |
| Transfer from deferred taxes | 780 | €3,291 | €3,291 | = | 0.0% |
| Transfer to deferred taxes | 680 | €74,786 | - | -€74,786 | |
| Income taxes | 67/77 | €4,703 | €1,677 | -€3,026 | -64.3% |
| Profit (loss) for the period | 9904 | €223,538 | -€9,800 | -€233,338 | |
| Transfer from tax-exempt reserves | 789 | €9,872 | €9,872 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €224,359 | - | -€224,359 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,051 | €72 | -€8,979 | -99.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.